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Transparency and International Portfolio Holdings
Gaston Gelos,Shang-Jin Wei +1 more
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Abstract:
Does country transparency affect international portfolio investment? We examine this question by constructing new measures of transparency and by making use of a unique micro dataset on portfolio holdings of emerging market funds around the world. We distinguish between government and corporate transparency. There is clear evidence that funds invest systematically less in less transparent countries. There is also some evidence that during crises, funds flee from non-transparent countries to a greater extent.read more
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The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research
Christian Leuz,Peter D. Wysocki +1 more
TL;DR: The authors discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence, highlighting the challenges with quantifying regulatory costs and benefits, measuring disclosure and reporting outcomes, and drawing causal inferences from regulatory studies.
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Do Foreigners Invest Less in Poorly Governed Firms
TL;DR: In this paper, the authors used a unique and comprehensive dataset of foreign holdings by U.S. investors from 1997 to examine whether and why concerns about corporate governance results in fewer foreign holdings.
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The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research
Christian Leuz,Peter D. Wysocki +1 more
TL;DR: The authors discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation (including IFRS adoption), drawing on U.S. and international evidence, highlighting the challenges with quantifying regulatory costs and benefits, measuring disclosure and reporting outcomes, and drawing causal inferences from regulatory studies.
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Financial Globalization; A Reappraisal
TL;DR: This paper provided a unified conceptual framework for organizing the literature on the benefits and costs of financial globalization for developing countries, but along many disparate channels and with a variety of apparently conflicting results.
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Migrant Networks and Foreign Direct Investment
Beata Smarzynska Javorcik,Beata Smarzynska Javorcik,Beata Smarzynska Javorcik,Caglar Ozden,Mariana Spatareanu,Cristina Neagu +5 more
TL;DR: In this article, the authors investigated the link between the presence of migrants in the United States and U.S. FDI in the migrants' countries of origin, taking into account the potential endogeneity concerns.
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Law and Finance
Rafael La Porta,Rafael La Porta,Florencio Lopez de Silanes,Florencio Lopez de Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
TL;DR: This paper examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common law countries generally have the best, and French civil law countries the worst, legal protections of investors.
Journal ArticleDOI
Law and Finance
TL;DR: In this article, the authors examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common-law countries generally have the strongest, and French civil law countries the weakest, legal protections of investors, with German- and Scandinavian-civil law countries located in the middle.
Journal ArticleDOI
Legal Determinants of External Finance
TL;DR: The authors showed that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets than those with stronger investor protections.
Journal ArticleDOI
Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature
TL;DR: Corporate disclosure is critical for the functioning of an efficient capital market as mentioned in this paper, and firms provide disclosure through regulated financial reports, including the financial statements, footnotes, management discussion and analysis, and other regulatory filings.
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A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades
TL;DR: It is argued that localized conformity of behavior and the fragility of mass behaviors can be explained by informational cascades.